deficit

noun

1. Deficiency in amount or quality; a falling short; lack.

   “The crop output this year has been comparatively small, owing to the deficit in rainfall.”

2. A situation wherein, or amount whereby, spending exceeds (e.g. government) revenue.

   “Dr. Beeching's obvious intent is that if Scottish—and similarly unprofitable English and Welsh—railways are to be maintained, it must be done by an unconcealed subsidy; he is determined that the railways shall no longer be preoccupied with—and derided for—immense deficits which include the burden of social services the State must openly underwrite, if it wants them.”

   “But Wall Street, which has a case of deficit-attention disorder, is no longer focused on a balanced budget. "The bond market only worries about one thing at [a time.]”

   “Economically, too, London is startlingly different. The capital, unlike the country as a whole, has no budget deficit: London’s public spending matches the taxes paid in the city. The average Londoner contributes 70 percent more to Britain’s national income than people in the rest of the country.”